CCI attempts to change the builder-buyer equation

The Competition Commission of India (CCI) recently slapped real estate giant DLF with a hefty fine of Rs 630 crore for violation of the Competition Act 2002, and also made modifications in several clauses of the residential property agreements. The CCI made it clear that no additional construction can be made beyond the approved building plan provided to the buyers. Open spaces lying within the residential project area not sold will no longer be under the exclusive ownership of the constructer; instead such spaces will be under a joint ownership of the owners of the project. read more